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Analysts Hail CBN’s Naira Defence For Adjusting Rate For PTA, Others To N360/$

Analysts Hail CBN’s Naira Defence For Adjusting Rate For PTA, Others To N360/$

Financial market analysts have welcomed the Central Bank of Nigeria (CBN) Monday’s decision to lower the naira exchange rate for retail invisibles such as business and personal travel allowances, school fees and medical fees to N360 to the dollar, from N375. Describing the move as a show of strength by the central bank and its […]

Everyone’s Suddenly Becoming Exporter As Nigerian Firms Chase Dollars

Everyone’s Suddenly Becoming Exporter As Nigerian Firms Chase Dollars

“It’s a difficult situation where you have nothing to export, or you can export very little, whereas your dollar need is big,” Nigeria’s hard-currency shortage is forcing companies to get creative in their hunt for dollars. For many, including Dangote Cement Plc, that’s meant a bigger focus on exports. The continent’s biggest producer of the […]

Egypt Floats Currency, Gains $3.1 Billion Portfolio Inflow

Egypt Floats Currency, Gains $3.1 Billion Portfolio Inflow

The decision by the Egyptian government to float its currency has already started yielding positive outcomes in the economy, even though inflation spiked. Even though Nigeria’s central bank has earned a pat on the back after it neatly squashed speculative attacks on the naira, which has led to a 20 percent appreciation in the black […]

CBN To Sell Dollars To Exchange Bureaus At 362 Naira

CBN To Sell Dollars To Exchange Bureaus At 362 Naira

The Central Bank of Nigeria has set a new naira rate of 362 for the country’s retail exchange bureaus to sell dollars to consumers, the head of the bureau association told Reuters on Tuesday. Nigeria has at least five exchange rates — the official one, the black market, a rate for Muslim pilgrims going to […]

Nigeria Stock Exchange Foreign Investment Inflows Drop To N16.10bn

Nigeria Stock Exchange Foreign Investment Inflows Drop To N16.10bn

The Foreign Portfolio Investment inflows on the Nigerian Stock Exchange (NSE) dropped to N16.10bn in February as against N22.61bn recorded in January 2017. NSE made this known in its domestic and foreign portfolio participation in equity trading for February 2017. The report stated that the total foreign inflows for the period under review declined by […]

Pound Breaks $1.26 For The First Time Since February As Dollar Drops

Pound Breaks $1.26 For The First Time Since February As Dollar Drops

The pound broke above $1.26 for the first time in almost two months, driven mainly by a weaker dollar, as doubts grow on whether U.S. President Donald Trump can implement his economic agenda. Sterling strengthened against most of its Group-of-10 peers, but further upside might be limited given the political uncertainties surrounding Britain’s exit from the […]

CBN Releases Another $185million Into Forex Market

CBN Releases Another $185million Into Forex Market

A statement from the CBN on Monday said it pumped $185million into forex market for sale to the banks and crashed rate for invisibles to N360/$1. The statement said the amount is to be sold to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than […]

CBN New Forex Rate To Drain Black Market

CBN New Forex Rate To Drain Black Market

Nigeria’s Central Bank has set a new Naira exchange rate on Monday for end users with certain foreign expenses and stepped up dollar sales on the official market to narrow the spread with the black market. Analysts doubted whether the moves would draw investors back to the struggling economy. Recall that the country operate,  at least, […]

CBN Interventions Bridge Forex Rate Spread By 37.81%

CBN Interventions Bridge Forex Rate Spread By 37.81%

The spread between interbank and parallel market exchange rates fell by $/N53.50 to $/N88.00 at the end of last week’s trading following the continued interventions in the foreign exchange market by the Central Bank of Nigeria (CBN). This represents a 37.81 percent decrease from the spread of $/N141.50 recorded the previous week-ending March 17, according […]

CBN Sells Dollars At 306.30 Naira On Official Market

CBN Sells Dollars At 306.30 Naira On Official Market

The Ceentral Bank Of Nigeria on Monday sold $1.5 million at 306.30 naira per dollar on the official market, Thomson Reuters data showed, after the bank said it would offer $100 million in currency.

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